Apple COO Tim Cook Receives $5M Plus Stock Options For Serving as Temporary CEO

Tim Cook, Apple’s COO and temporary CEO for six months while Steve Jobs received a liver transplant, was awarded US$5 million and 75,000 share options last week. The total would be $22 million at Apple’s current stock price, noted The Register.

According to the SEC filing submitted on March 10, Apple’s board of directors approved the bonus “in recognition of [Mr. Cook’s] outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.” Half the stock options vest in March 2011 and the other half in March 2012, but Mr. Cook will need to still be employed by Apple on each date to receive the shares.